ET Now: What do you make of yesterday's selling in ITC, the fact that IDFC has come out with a report and they clearly indicated that the global tobacco industry is currently going through a rough patch and Indian tobacco industry will follow that same path?

Prashastha Seth: Our view is slightly different. Our view is that in India 70% of the sales happen in the loose forms, so I do not think there will be a big impact of the pictorial warnings, if and when they come in India on sales of ITC. What we are seeing is that the sales in terms of volumes continuing to be flattish and that is what we expect going forward as well. But we believe that companies like ITC will be able to raise prices and maintain their margins. So to that extent, we would not be as worried on the outlook of the company has, what the report yesterday would suggest.